The official X account of Paraguay President Santiago Pena (@SantiPenap) was recently hacked in order to announce that Bitcoin, the largest cryptocurrency, has been classified as legal tender in the country.
Paraguay has made no formal announcement through government channels or press briefings.
The Presidencia Paraguay X account later confirmed that President Pena's X account had suffered a security breach.
It is also worth noting that legitimate government initiatives never include wallet addresses urging people to "secure your stake." The suspicious phrasing instantly made it clear that the leader of the South American nation likely fell victim to scammers.
El Salvador became the first country to make Bitcoin legal tender back in 2021, but it has since scaled back its initiative due to such challenges as low adoption and IMF influence.
Update: the bogus Bitcoin post has now been deleted from the official X account of President Pena.
Vladislav Sopov
U.Today Editorial Team